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Trunomi closes $3.5m round from CloudScale Capital

Bermuda-based consumer consent and data rights company Trunomi has closed a $3.5 million round of funding – bringing its total to $10.5 million, reports Julie Muhn at Finovate (FinTech Futures’ sister company).

Trunomi will use the funds to manage demand for its technologies and to continue its global expansion. And with the EU GDPR deadline coming up, the company says it will likely see a boost in banks and companies vying for its services, which helps businesses request, receive, and capture customer consent to the use of their personal data.

“Customer data rights and privacy are quickly becoming major issues of concern for companies, especially financial institutions, due to new regulations such as EU GDPR, UK Open Banking and marketing opportunities,” says Kim Perdikou, CloudScale partner.

Perdikou adds: “Trunomi enables businesses to comply with these new regulations by demonstrating compliance and accountability in customer data use and immutably proving the legal basis of processing. With Trunomi, businesses can empower their customers with control and transparency in how their data is used and turn regulation from a burden into a competitive advantage.”

Founded in 2013, Trunomi has offices in Bermuda, Dublin, the UK, and Silicon Valley. In December 2016, the company began collaborating with FIS on the EU data protection rules.

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